SCH CD-FINANC OVERSIGHT PANEL Senate SponsorsSen. John M. Sullivan House Sponsors(Rep. Roger L. Eddy) 8/16/2011SenatePublic Act . . . . . . . . . 97-0429 35 ILCS 200/18-50.135 ILCS 200/18-9235 ILCS 200/18-241105 ILCS 5/1B-8from Ch. 122, par. 1B-8105 ILCS 5/Art. 1H heading new105 ILCS 5/1H-1 new105 ILCS 5/1H-5 new105 ILCS 5/1H-10 new105 ILCS 5/1H-15 new105 ILCS 5/1H-20 new105 ILCS 5/1H-25 new105 ILCS 5/1H-30 new105 ILCS 5/1H-35 new105 ILCS 5/1H-40 new105 ILCS 5/1H-41 new105 ILCS 5/1H-42 new105 ILCS 5/1H-45 new105 ILCS 5/1H-50 new105 ILCS 5/1H-55 new105 ILCS 5/1H-60 new105 ILCS 5/1H-65 new105 ILCS 5/1H-70 new105 ILCS 5/1H-75 new105 ILCS 5/1H-80 new105 ILCS 5/1H-85 new105 ILCS 5/1H-90 new105 ILCS 5/1H-95 new105 ILCS 5/1H-100 new105 ILCS 5/1H-105 new105 ILCS 5/1H-110 new105 ILCS 5/1H-115 new105 ILCS 5/1H-120 new105 ILCS 5/1H-125 new105 ILCS 5/1H-130 new105 ILCS 5/1H-135 new105 ILCS 5/1H-140 new105 ILCS 5/1H-145 new105 ILCS 5/1H-150 new105 ILCS 5/1H-155 new105 ILCS 5/1H-160 new105 ILCS 5/1H-165 new105 ILCS 5/1H-170 newCreates the Financial Oversight Panel Law of the School Code. Allows a school district (other than the Chicago school district) to petition the State Board of Education for the establishment of a Financial Oversight Panel for the district. Allows the State Board to establish a Financial Oversight Panel without a petition from a district. Contains provisions concerning duties of the district; members and meetings of a Panel; powers of a Panel; officers of a Panel; collective bargaining agreements; deposits and investments; cash and bank accounts; the financial, management, and budgetary structure; the School District Emergency Financial Assistance Fund; grants and loans; the issuance of bonds; a tax levy; a debt service fund; a debt service reserve fund; bond anticipation notes; tax anticipation warrants; reports; a Panel audit; Panel property being exempt from taxation; sanctions; and abolition of a Panel. Makes related changes in the School Code and the Property Tax Code. Effective July 1, 2011.Senate Committee Amendment No. 1 Deletes reference to:105 ILCS 5/1H-40 new105 ILCS 5/1H-41 new105 ILCS 5/1H-42 new105 ILCS 5/1H-125 new105 ILCS 5/1H-130 new105 ILCS 5/1H-135 new105 ILCS 5/1H-140 new105 ILCS 5/1H-145 new105 ILCS 5/1H-150 new105 ILCS 5/1H-155 new105 ILCS 5/1H-160 new105 ILCS 5/1H-165 new105 ILCS 5/1H-170 newAdds reference to:35 ILCS 200/18-1540 ILCS 5/7-105from Ch. 108 1/2, par. 7-10540 ILCS 5/7-109from Ch. 108 1/2, par. 7-10940 ILCS 5/7-132from Ch. 108 1/2, par. 7-132105 ILCS 5/1A-8from Ch. 122, par. 1A-8105 ILCS 5/1E-165 new105 ILCS 5/1F-165 new105 ILCS 5/8-6from Ch. 122, par. 8-6105 ILCS 5/10-16.9 new105 ILCS 5/10-16.11 new105 ILCS 5/17-1from Ch. 122, par. 17-1105 ILCS 5/17-11from Ch. 122, par. 17-11105 ILCS 5/19-8from Ch. 122, par. 19-8105 ILCS 5/19-9from Ch. 122, par. 19-9115 ILCS 5/2from Ch. 48, par. 1702Replaces everything after the enacting clause. Creates the Financial Oversight Panel Law of the School Code. Allows a school district (other than the Chicago school district) to petition the State Board of Education for the establishment of a Financial Oversight Panel for the district. Contains provisions concerning duties of the district; members and meetings of a Panel; powers of a Panel; officers of a Panel; school treasurers; collective bargaining agreements; deposits and investments; cash and bank accounts; the financial, management, and budgetary structure; the School District Emergency Financial Assistance Fund; grants and loans; a tax levy; tax anticipation warrants; obligations; reports; a Panel audit; assistance; Panel property being exempt from taxation; sanctions; and abolition of a Panel. Makes related changes in the School Code, the Illinois Educational Labor Relations Act, the Property Tax Code, and the Illinois Pension Code. Effective immediately.Senate Floor Amendment No. 2 Deletes reference to:105 ILCS 5/1H-80 newMakes changes concerning the filing of levies, the application of the Property Tax Extension Limitation Law, emergency financial assistance loans, the establishment of a financial oversight panel by the State Board of Education, the development of goals and objectives to assist a district in obtaining financial stability, removal of members of a panel, the termination of employees, exemption form the Truth in Taxation Law, negotiation of collective bargaining agreements, and emergency financial assistance. Removes a Section concerning the State or school district not being liable on obligations. Makes technical corrections.Senate Floor Amendment No. 3 Adds reference to:105 ILCS 5/1B-25 newIn the Section defining "employee" under the IMRF Article of the Illinois Pension Code, provides for an exception to the inclusion under that definition of the chief executive officer, chief educational officer, chief fiscal officer, or other employee of a financial oversight panel established pursuant to the Financial Oversight Panel Law of the School Code, other than a superintendent or certified school business official, if that person has negotiated with the financial oversight panel, in conjunction with the school district, a contractual agreement for exclusion from the Section. Further amends the School District Financial Oversight Panel and Emergency Financial Assistance Law of the School Code. Provides that no school district may have a financial oversight panel established pursuant to the Law after the Financial Oversight Panel Law is established. 2/10/2011SenateFiled with Secretary by Sen. John M. Sullivan 2/10/2011SenateFirst Reading 2/10/2011SenateReferred to Assignments 3/1/2011SenateChief Sponsor Changed to Sen. Dan Kotowski 3/1/2011SenateChief Sponsor Changed to Sen. John M. Sullivan 3/2/2011SenateAssigned to Executive 3/10/2011SenatePostponed - Executive 3/15/2011SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. John M. Sullivan 3/15/2011SenateSenate Committee Amendment No. 1 Referred to Assignments 3/15/2011SenateSenate Committee Amendment No. 1 Assignments Refers to Executive 3/16/2011SenateSenate Committee Amendment No. 1 Adopted 3/17/2011SenateDo Pass as Amended Executive; 012-003-000 3/17/2011SenatePlaced on Calendar Order of 2nd Reading March 17, 2011 4/5/2011SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. John M. Sullivan 4/5/2011SenateSenate Floor Amendment No. 2 Referred to Assignments 4/6/2011SenateSenate Floor Amendment No. 2 Assignments Refers to Executive 4/6/2011SenateSenate Floor Amendment No. 2 Recommend Do Adopt Executive; 015-000-000 4/8/2011SenateSecond Reading 4/8/2011SenateSenate Floor Amendment No. 2 Adopted; Sullivan 4/8/2011SenatePlaced on Calendar Order of 3rd Reading April 11, 2011 4/8/2011SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. John M. Sullivan 4/8/2011SenateSenate Floor Amendment No. 3 Referred to Assignments 4/11/2011SenateSenate Floor Amendment No. 3 Assignments Refers to Executive 4/13/2011SenateSenate Floor Amendment No. 3 Recommend Do Adopt Executive; 012-000-000 4/14/2011SenateRecalled to Second Reading 4/14/2011SenateSenate Floor Amendment No. 3 Adopted; Sullivan 4/14/2011SenatePlaced on Calendar Order of 3rd Reading 4/14/2011SenateThird Reading - Passed; 036-019-001 4/15/2011HouseArrived in House 4/15/2011HousePlaced on Calendar Order of First Reading 4/15/2011HouseChief House Sponsor Rep. Roger L. Eddy 4/15/2011HouseFirst Reading 4/15/2011HouseReferred to Rules Committee 4/25/2011HouseAssigned to Elementary & Secondary Education Committee 5/11/2011HouseDo Pass / Short Debate Elementary & Secondary Education Committee; 016-006-000 5/11/2011HousePlaced on Calendar 2nd Reading - Short Debate 5/16/2011HouseSecond Reading - Short Debate 5/16/2011HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/20/2011HouseThird Reading - Short Debate - Passed 072-039-000 5/20/2011SenatePassed Both Houses 6/17/2011SenateSent to the Governor 8/16/2011SenateGovernor Approved 8/16/2011SenateEffective Date August 16, 2011 8/16/2011SenatePublic Act . . . . . . . . . 97-0429